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Legislation sponsored by Senator Steven Oroho (R-24) to strengthen New Jersey’s public employee pension systems was advanced by the New Jersey Senate in a 35-0 vote.

Sen. Steven Oroho’s legislation would strengthen New Jersey’s public employee pension systems by requiring the State to make quarterly pension payments. (SenateNJ.com)

The legislation, S-2810, requires the State to pay its annual pension contribution on a quarterly basis.

“The quicker we get the state’s pension contribution invested in the markets, the sooner we start earning a return,” said Oroho. “Making quarterly pension payments won’t cost the State more money, but it could provide the opportunity to earn an additional $100 to $200 million per year from our contribution and reduce our pension systems’ unfunded liability.”

My bill to strengthen state pension funds through quarterly payments was approved by the Senate https://t.co/WyV8jfnSEP

“From an investment perspective, it makes good financial sense to make the biggest payment we can make as quickly as we can make it,” added Oroho. “This legislation balances our pension system needs with budgetary concerns by providing the Legislature and State Treasurer the flexibility to maximize our investment returns and account for swings in the economy that impact state revenues.”